Thinking of buying a condo as an investment?

CMHC released results of a survey of condominium owners in Vancouver and Toronto last week.  The results show that 83% of condominium owners in these markets reside in their units.  This figure is significantly higher than many observers had expected.

CHMC’s survey also found, that of the surveyed condominium investors in Toronto and Vancouver:  

  • 58.4% expect to keep their last purchased unit for more than 5 years;
  • 17.9 % for 2 to 5 years;
  • 7.6% for less than two years, and 16.1% did not know or answer;
  • 11.9% of respondents said they bought their last secondary condominium unit with the intention of reselling it for a profit within a year of purchase.

In addition, at the time of the survey, 42.1% of the Toronto and Vancouver investor households that were surveyed, had no mortgage on their last purchased condominium unit.

Article from: MCAP Mortgage News